As the Mega Millions jackpot soars even higher, how do you think you would manage that money?
The new jackpot stands at 1.02 billion dollars, with the cash option at an estimated 602 million. While you are nearly 20,000 times more likely to be struck by lightning than win, we all have fantasies about what we would do with that much cash. It's important to remember that money doesn't always buy happiness. In fact, lottery winners are more likely to declare bankruptcy than the average American within five years. We spoke with a local financial advisor who says to not make any fast decisions and focus on your long-term goals.
"You'll want to seek the help of a financial professional that can help you properly invest that money in a way that it generates an income for you every year. Then each year, if you only spend the income that your investments are generating to fund your lifestyle, to give to charity, to gift to friends and families, you'll be able to keep that principal amount intact and be able to pass that wealth down to future generations," says Edward Jones Financial Advisor Jeff Lee.
There have been no jackpot winners since April, and Mega Millions says this is the 4th largest U.S. lottery prize. You still have time to grab that ticket, the next drawing is Friday at 11 pm Eastern.
